The Hindu Business Line : Corporate Developments

Coimbatore, Oct. 31 Cambridge Solutions’ board of directors has approved consideration by the funding committee of various funding proposals through the issue of convertible warrants/bonds/ADRs/GDRs or any other mechanism found appropriate, or by way of additional equity, including that of the issue of securities on preferential basis under the SEBI guidelines; the scheme of arrangement towards the merger of MatrixOne India with Cambridge Solutions; de-merger of the ITES undertaking of Cambridge Integrated Services India Private Ltd to Cambridge Solutions Ltd and reduction of the securities premium account in the books of Cambridge Solutions Ltd.

Mcleod Russel India’s board of directors has approved in principle the proposal for amalgamation of The Moran Tea Company (India) Ltd with itself with effect from April 1, 2007 and has appointed L B Jha & Co, Chartered Accountants and ICICI Securities Ltd for making necessary valuations and suggesting share exchange ratio.

Pratibha Industries has begun commercial production of ‘Spirally Welded Mild Steel Pipes’ at its new factory in the second quarter of the current year.

It has a capacity of 92,000 tpa. The implementation of 3 LP coating plant (capacity 1.7 million sq mtrs) is on schedule and will be operational in the fourth quarter.

The total capital outlay is estimated at Rs 81.10 crore, of which it has already spent Rs 63.84 crore till September 30.

The company is in the process of obtaining ‘API 5L X80’ certification from the American Petroleum Institute (API) which makes the pipes manufactured at its factory eligible for transportation of ‘Oil & Gas’.

Shree Renuka Sugars has said the qualified institutional placement Allotment Committee has allotted 21,86,667 equity shares of Rs 10 each at a price of Rs 750 per share, aggregating to Rs 164 crore, to Qualified Institutional Buyers , as per the SEBI (Disclosure and Investors Protection) Guidelines.

Sesa Goa has decided to increase the foreign institutional investment limit from 24 per cent to 45 per cent of the equity paid-up-capital subject to the approval of the members and extend the validity of Scheme of Amalgamation of Sesa Industries Ltd with Sesa Goa Ltd up to January 31, 2008.